Vienna Purchase Loan Process:
Thank you for applying for a your Veinna purhcase loan. We will explain the process in detail.
Home Purchase Loan:
Before you start looking for a house, a Realtor will request a pre-approval letter that will provide the Maximum Sales Price you are permitted to offer on a home. The first step is to give one of our talented loan officers a call and we will complete a loan application and pull your credit. We will also need the following in order to issue a pre-approval letter:
Copy of Drivers License
Copy of 60 days most recent Bank statements( All pages, if it says page 1 of 6 we need all six pgs)
Copy of 30 days most recent paystubs.
Copy of 2009 & 2008 W2’s
If Self employed we will need 2 years tax returns, business and personal, all schedules
Copy of Earnest Money Deposit Check, and cancelled check(once contract is ratified)
Next, the loan officer will run your imformation through Fannie Mae or Freddie Mac’s automated underwriter that will either give an approval or denial. If the loan is approved we will issue a pre-approval letter to your Realtor and you can start your home search. If you are in need of a Realtor please feel free to contact one of our Highly Recommend Realtors by clicking HERE.
It is important to note that a pre-approval letter is not a commitment for a loan. A committment is given when you have a ratifiied contract and we submit your signed loan application to the underwriter, along with the automated underwriting results, and order an appraisal. A licensed underwriter at the Lender will review the data and the documents we provided them, along with the appraisal and clear title. Once the underwriter has reviewed the file he/she will issue a conditional approval. In order to go from a conditional approval to commitment the lender will need to verify your employment, or may need to see a missing page of a bank statement.
Once we get a commitment on the loan, you goto clsoing at a Title company that eiether you or your Realtor has chosen.
Home Purchase Timeline
Issue Preapproval 1 day (Depending how fast you provide the required documents)
Shop for a House 1-3 months
Ratified Contract (Once you have a ratified contract we can submit your loan to underwriting)
Sign Loan Application and provide all required documents: day 1-2
File is processed and sent to underwriting for approval: day 3-4
Appraisal is ordered after HVCC/MDIA time is met: day 5-6
Loan is conditionally approved: Day 10-15
Any missing items are cleared to get commitment from lender: Day 15-20
You go to closing and enjoy your new home purchase : 20-30